Hays’ share price fell to its lowest level in five years following remarks made by finance director Paul Venables at a meeting  with broker

Panmure Gordon on Monday. During the meeting, Venables reportedly likened the current economic climate to the recession of the early 1990s.

Following the meeting, Panmure Gordon said it was maintaining its “cautious stance on the shares, believing there to be a good chance of downgrades in its next update on July 10”.

However, Kean Marden, head of UK research at Kaupthing Singer & Friedlander, told Recruiter that while Venables’ remarks were a factor, a more important factor was the down grading of the share to “sell” by Hays’ house broker UBS.

Marden said: “This is an extremely unusual move as your house broker is usually your cheer leader.”
Hays’ share price closed 8% lower at 83.35p.

Michael Page’s share price also fell 11p to 222.75p

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